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1 ASSETS & OPPORTUNITY PROFILE: NEW ORLEANS ASSETS & OPPORTUNITY PROFILE KEY HIGHLIGHTS of New Orleans working households don t have access to a vehicle Cities have long been thought of as places of opportunity for low-income workers to forge pathways to the middle class. Yet, far too many urban households struggle to gain a foothold in the mainstream economy. In major U.S. cities, one out of every four households owe more than they own, and an average of 57% of consumers have subprime credit scores. More than one-third of families do not have enough assets to live for three months at the federal poverty level should they lose their main source of income. Not only does financial insecurity destabilize families, it also jeopardizes the long-term vitality of cities and local economies. That is why a growing number of local leaders are expanding the vision of what cities can and should do to create financial security and opportunity for low-income residents. Local asset-building programs have proliferated in the nonprofit sector for more than a decade, but across the country, local leaders are pioneering new ways to leverage those programs, along with new policies and resources to expand the reach of asset-building opportunities for low- and moderate-income families. At their best, these new efforts utilize a systems approach that works across departmental silos and public/private sector divides to improve access to the information, products and protections that help families become more financially stable. ABOUT THE PROFILE This Assets & Opportunity Profile was created to fuel a local conversation about wealth, poverty and opportunity in New Orleans. It includes a data snapshot of the financial security and opportunities for New Orleans residents. It also contains an overview of what cities are doing nationally to help financially educate, empower and protect residents and enable them to build a more prosperous future. 21% of New Orleans residents have no health insurance 37% of New Orleans households live in asset poverty 24% of New Orleans households live in extreme asset poverty 71% of New Orleans residents have subprime credit scores of New Orleans workers are self-employed 1

2 FINANCIAL CHALLENGES AND OPPORTUNITIES IN NEW ORLEANS From 1999 to 2007, the city s poverty rate fell from 28% to 21% due primarily to the greater obstacles poor residents faced in returning. But by 2010, the effects of the Great Recession were felt and poverty in New Orleans had risen again to 27% - statistically the same as a decade ago, and well above the national rate of 15%. 1 Among New Orleans families, 23% live in poverty, with African America families experiencing poverty at much higher rates (30%) than white families (8%). Beyond traditional poverty rates, this report looks at the extent to which families have sufficient savings to support themselves for a short time should they suddenly lose their income. Asset poverty rates indicate the percent of households that do not have enough assets (specifically net worth) to survive at the poverty level for three months without income. In total, 37% of New Orleans households are asset poor. Although black and Latino households are more likely to be asset poor in New Orleans, asset poverty spans race categories with 50% of black households, 40% of Latino households, 24% of Asian households, and 22% of white households living in asset poverty in New Orleans. Households with lower levels of education are more likely to be asset poor, but too many households with college degrees also have insufficient savings. In fact, 22% of New Orleans households with at least a bachelor s degree do not have sufficient net worth to sustain themselves at a poverty level for three months should they lose their income. Thus, even middle-income families face asset poverty. For example, 28% of New Orleans households earning between $45,655 and $70,014 are asset poor. Asset poverty has particularly severe implications for New Orleans residents who are forced to evacuate the city every few years. Evacuation is more feasible when a family owns a car, and too many New Orleans households do not have access to a vehicle including fully of those that have at least one worker in the home. Beyond access to a vehicle, evacuating is costly. For example, families typically need to buy a tank of gas at a minimum, and these costs can be out of reach for households that live paycheck to paycheck. 2 An important financial asset is health insurance. Having health insurance helps to ensure that a family does not have to dip into savings in the event of a medical emergency. In addition, having health insurance improves health by increasing the chances that families will get the primary care they need. In New Orleans, fully 21% of the non-elderly population lacks health insurance compared to 18% nationally. On the positive side, entrepreneurship has spiked in the New Orleans metro post-katrina. 3 New Orleans has a microenterprise ownership rate of 22 per 100 people in the labor force compared to only 17 nationally. For these microenterprises to become strong income producers, effective business training, financial literacy education, financing and professional service supports are critical. 4 Microenterprise Ownership Rate Orleans Parish New Orleans Louisiana United 18% 17% 22% 21% 0 5% 15% 20% 25% 1 Ortiz, E. (September 2011). Who lives in New Orleans and the Metro Area now? Retrieved July 23, 2012 from 2 Liu, A., Anglin, R., Mizelle, R., & Plyer, A. (Eds.). (2011). Resilience and Opportunity: Lessons from the U.S. Gulf Coast after Katrina and Rita. Washington D.C.: Brookings Institution Press. 3 Plyer, A. & Ortiz, E. (August 2011). The New Orleans Index at Six: Measuring Greater New Orleans Progress Toward Prosperity. Retrieved July 24, 2012 from s3.amazonaws.com/reports/gnocdc_neworleansindexatsix.pdf. 4 CFED. (September 2009) Assets & Opportunity Scorecard: State Microenterprise Support. Retrieved June 27, 2011 from 5 The New Orleans Metro is defined as the 7-parish region of: Jefferson Parish, Orleans Parish, Plaquemines Parish, St. Bernard Parish, St. Charles Parish, St. John the Baptist Parish, and St. Tammany Parish. 2 MUNICIPAL PROFILE: NEW ORLEANS

3 CFED: ASSETS & OPPORTUNITY PROFILE STRATEGIES TO BUILD FINANCIAL SECURITY This report highlights the specific and sometimes unique financial challenges and opportunities facing New Orleans households. Many programs and organizations are already working in New Orleans to address these challenges. But leaders from the public, private and nonprofit sectors also have an opportunity to help New Orleans families become economically secure by working together in new ways. Together it is possible to leverage the capacity and resources in New Orleans to identify and fill gaps in existing services and infrastructure in ways that expand financial access and financial security among vulnerable residents. There are a number of communities across the nation where local leaders have taken up this challenge. They are expanding access to mainstream banking and wealth building opportunities as well as helping families protect the assets that they have. These local leaders are pioneering new ways to leverage the resources and regulatory power of municipalities to work across departmental silos and public/private sector divides to scale up economic inclusion and asset-building opportunities for low- and moderate-income families. Below are examples of goals and strategies these communities are implementing to financially educate, empower and protect their residents. These examples can serve as starting point for a conversation about priorities and opportunities to improve financial security in New Orleans. GOAL Improve access to high quality financial information, education and counseling Increase access to income-boosting supports and tax credits Connect residents to safe, affordable financial products and services Create opportunities to build savings and assets Protect consumers in the financial marketplace CITY STRATEGIES Create financial education and counseling networks and referral structures Open neighborhood-based financial one-stop centers Incorporate financial education into social service and workforce programs Standardize and certify financial education services and providers Leverage technology to streamline public benefits screening and uptake Create access points for benefits screening in high-need communities Launch VITA and EITC public awareness campaigns Fund free or low-cost tax prep services Enact a locally-funded EITC Increase access to low-cost transaction and savings products through Bank On campaigns or in partnership with financial institutions Create affordable credit products, e.g., small dollar, refund anticipation (RALs) or auto refinance loans Encourage employers to use direct deposit Provide access to short-term and emergency savings products Offer incentivized savings accounts, e.g., Individual Development Accounts (IDAs), college savings accounts, or other accounts for uses such as buying a home or a vehicle Expand access to small business capital and training and use tax time to connect businesses and the self employed to training and resources Provide opportunities for first-time homeownership through homeownership counseling or shared equity programs Limit or manage the proliferation of alternative, high-cost alternative financial service providers through licensing and zoning powers Curb predatory consumer lending through enforcement of local disclosure laws or litigation Implement foreclosure prevention strategies, including foreclosure counseling, forgivable emergency loans, encouraging lender workouts, and assistance to tenants in foreclosed properties 3

4 THE ASSET POOR IN NEW ORLEANS Asset poverty is a measure that expands the notion of poverty to establish a minimum threshold of wealth needed for household security. A household is asset poor if it has in sufficient net worth to support itself at the federal poverty level for three months in the absence of income, i.e., net worth of less than $4,632 for a family of three in Asset poor households would not have enough savings or wealth to provide for basic needs during a sudden job loss or a medical emergency. HOUSEHOLDS IN ASSET POVERTY BY GEOGRAPHY 37% 29% 24% 27% New Orleans New Orleans Louisiana United BY EDUCATION BY RACE & ETHNICITY 50% Advanced Degree 13% Bachelor s Degree Associate s Degree or Some College Only 22% 39% High School Degree Only 45% 22% Black or African American 40% Hispanic or Latino 24% Asian BY AGE OF HOUSEHOLDER 55% 35% < 35 years old years old 33% 26% years old years old BY FAMILY STATUS Married households Households with Children Single-parent households 19% 41% 60% BY HOUSING TENURE of Homeowners 63% of Renters BY POVERTY STATUS 31% Households above the poverty line 2011 POVERTY LINE (family of 3): $18,530 BY HOUSEHOLD INCOME 59% 43% 28% 17% 6% 62% Households below the poverty line Below $24,988 $24,988- $45,654 $45,655- $70,014 $70,015- $107,289 Above $107,289 Note: Asset poverty figures at geographies below the national and state levels in the Profile are estimates derived from a model based on 2009 data from the Survey of Income and Program Participation (SIPP) and the American Community Survey (ACS) Public Use Microdata Sample. While these estimates are CFED s best efforts to measure local wealth holding, the model is based on a national survey of approximately 50,000 households, and caution should be used when interpreting data at a local level. 4 MUNICIPAL PROFILE: NEW ORLEANS

7 CFED: ASSETS & OPPORTUNITY PROFILE DATA MEASURES & SOURCES Population Demographics Household Finances & Use of Services Employment & Business Ownership Data Measure Measure Description Source Total Population Total population (Note: Percentages of population by race and ethnicity may not add up to 100% due to rounding.) U.S. Census Bureau, 2010 Census Percentage of population that is, non-hispanic U.S. Census Bureau, 2010 Census Percentage of population that is, non-hispanic Percentage of population that is, not Hispanic U.S. Census Bureau, 2010 Census U.S. Census Bureau, 2010 Census Percentage of population that is U.S. Census Bureau, 2010 Census Percentage of population that is American Indian, some other race, or two or more races U.S. Census Bureau, 2010 Census U.S. Citizen Percentage of population that are U.S. citizens Speak English Less Than "Very Well" Percentage of population that speaks English less than "very well" Median Household Income Median household income in the past 12 months Income Poverty Rate Asset Poverty Rate Extreme Asset Poverty Rate Households Receiving SNAP Benefits Households with Interest, Dividend or Net Rental Income Unbanked Households Underbanked Households Percentage of all families with income in the past 12 months below the federal poverty threshold Percentage of households without sufficient net worth to subsist at the poverty level for three months in the absence of income Percentage of households that have zero or negative net worth Percentage of households that have received SNAP (Supplemental Nutrition Assistance Program) benefits in the past 12 months Percentage of households reporting any interest, dividend or net rental income in the past 12 months Percentage of households lacking both a checking and savings account Percentage of households that have a checking or savings account but have used non-bank money orders, non-bank check-cashing services, payday loans, rent-to-own agreements, or pawn shops at least once or twice a year or refund anticipation loans at least once in the past five years. Median Credit Score Median TransUnion TransRisk score Consumers with Subprime Credit Scores Average Revolving Debt Average Revolving Credit Utilization Average Installment Debt Borrowers 90+ days overdue Annual Unemployment Rate Average Annual Pay Percentage of consumers with a TransRisk Score <=700 [on a scale of ] Average amount of revolving debt (including debt from credit cards, private label cards, and lines of credit) per revolving borrower. Average percentage of credit limit in use per revolving borrower. Average amount of installment debt per installment borrower. Here, installment debt refers to any debt that is paid back in fixed monthly installments (e.g. vehicle loans, student loans) but excludes mortgage debt. Percentage of borrowers who are 90 days or more past due on any debt payments Annual average unemployment rate of the civilian noninstitutional population 16 years of age and older, not seasonally adjusted Average annual pay for all workers covered by unemployment insurance Estimates calculated by the Bay Area Council Economic Institute. Data at the national and state levels are calculated using the U.S. Census Bureau s 2008 Survey of Income and Program Participation, Wave 4 (2009) and data below the national and state levels also use the American Community Survey Public Use Microdata Sample to derive estimates from a statistical model. Estimates calculated by the Bay Area Council Economic Institute. Data at the national and state levels are calculated using the U.S. Census Bureau s 2008 Survey of Income and Program Participation, Wave 4 (2009) and data below the national and state levels also use the American Community Survey Public Use Microdata Sample to derive estimates from a statistical model. FDIC National Survey of Unbanked and Underbanked Households (2009); data at the city and county level are CFED estimates derived from a model based on the 2009 FDIC Survey and American Community Survey (ACS) Public Use Microdata Sample and aggregate data available through American FactFinder FDIC National Survey of Unbanked and Underbanked Households (2009); data at the city and county level are CFED estimates derived from a model based on the 2009 FDIC Survey and American Community Survey (ACS) Public Use Microdata Sample and aggregate data available through American FactFinder U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics (2010) U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages (2010) Self-Employed Workers Percentage of workers 16 years and over who are self-employed Microenterprise Ownership Rate Vehicle Non-Availability by Working Household Number of firms with 0-4 employees (non-employer firms plus establishments with 1-4 employees), per 100 people in the labor force Percentage of households (with at least one worker) lacking access to a vehicle CFED calculation based on U.S. Census Bureau, Non-Employer Statistics, 2007; and 2007 County Business Patterns. 7

8 CFED: ASSETS & OPPORTUNITY PROFILE Health Insurance Housing & Homeownership Educational Attainment Data Measure Measure Description Source Uninsured Rate Uninsured Low-Income Uninsured Low-Income Children Percentage of the non-elderly civilian noninstitutionalized population without health insurance Percentage of the non-elderly civilian noninstitutionalized population at or below 200% of the federal poverty line without health insurance Percentage of civilian noninstitutionalized children under 18 years of age at or below 200% of the federal poverty line without health insurance Homeownership Rate Percentage of occupied housing units that are owner occupied U.S. Census Bureau, 2010 Census Cost-Burdened Renters Cost-Burdened Owners Affordability of Homes Percentage of renter-occupied units spending 30% or more of household income on rent and utilities Percentage of mortgaged owners spending 30% or more of household income on selected monthly owner costs Median housing value divided by median household income Average Mortgage Debt Average mortgage debt per mortage borrower High-Cost Mortgage Loans Seriously Delinquent Mortgages Less than High School High School Degree Only Associate's Degree or Some College Only Bachelor's Degree Graduate or Professional Degree Percentage of all home purchase loans (1-4 family, owneroccupied dwelling) with interest rates 3 or more percentage points for a first lien loan or 5 or more percentage points for a second lien loan above the yield on a comparable term treasury security Percentage of all mortgage borrowers currently 90 days or more past due on mortgage loans, which is an indication that the loan will foreclose or needs modification Percentage of population 25 and older who have not completed high school Percentage of population 25 and older whose highest attainment is a high school degree, GED or alternative degree Percentage of population 25 and older whose highest attainment is an associate s (2 year college) degree or attended some college but did not receive a degree Percentage of population 25 and older who have at least a bachelor's (4 year college) degree Percentage of population 25 and older who have a graduate or professional degree CFED calculation based on U.S. Census Bureau, 2010 American Community Survey data Home Mortage Disclosure Act (HMDA) data (2008), accessed through Policy Map ABOUT CFED CFED (Corporation for Enterprise Development) expands economic opportunity by helping Americans start and grow businesses, go to college, own a home, and save for their children s and own economic futures. We identify promising ideas, test and refine them in communities to find out what works, craft policies and products to help good ideas reach scale, and develop partnerships to promote lasting change. We bring together community practice, public policy and private markets in new and effective ways to achieve greater economic impact. ABOUT GREATER NEW ORLEANS COMMUNITY DATA CENTER The Greater New Orleans Community Data Center gathers, analyzes and disseminates data to help nonprofit and civic leaders work smarter and more A product of Nonprofit Knowledge Works strategically. By publishing the most reliable data in a highly usable format, has become the definitive source for information about New Orleans and the metro area. The Data Center was founded in 1997 and is relied on by federal agencies, national media, elected officials, and local nonprofits. The Data Center is a product of Nonprofit Knowledge Works, and is a longtime member of the Urban Institute s National Neighborhood Indicators Partnership local data experts dedicated to community change. We gratefully acknowledge support for this Profile from the Greater New Orleans Foundation. 8 MUNICIPAL PROFILE: NEW ORLEANS PUBLISHED AUGUST 2012

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